ITC raises Gold Flake Kings price 15

Kotak Institutional Equities in a research report on Tuesday had said their channel sources indicated a likely price increase of 15 per cent for the brand.

The brokerage sees this as a move to create buffer for a potential 10 per cent excise duty increase on cigarettes in the budget for 2012/13.

We highlight that after the price hikes in Classic premium and Wills mid-segment,price increase in GFK is in line with our expectations,the note said.

The regular-size filter segment contributes about 70 per cent of cigarette volumes of the company.

At 12.02 pm,shares were ITC were up 0.37 per cent at Rs 202.90.

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